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I could use a little Balance Sheet help?
The totals of my Liabilities and stockholders equity is unbalanced to the total assets by the exact amount of my net income. I don't believe net income is on the balance sheet is it? Where did I go wrong???
2 Answers
- luzellLv 45 years ago
You forgot to insert the retained profits into the steadiness sheet. The retained earnings is the online revenue. Recall that the trial balance shows assets, liabilities, capital, revenue, and expenses. The online of the revenue and the expenses is the retained profits.
